JULY 2023HR TECH OUTLOOK8Suzanne Haslam, Senior VP of Employee Benefits, Woodruff SawyerByHOW TO CHOOSE AN EMPLOYEE BENEFITS BROKERThe most valuable feedback is something you can act on. A broker who takes a consultative approach doesn't just give you options but uses their expertise to provide actionable insights. Let's face it--not all Human Resources leaders and CFOs are benefits specialists. People in these roles make critical decisions about benefits for their companies, but their main responsibilities lie elsewhere. That's why partnering with the right broker is essential.What type of broker is right for you?"One size fits all" is rarely a true statement. The same goes for your broker. The right broker can work as an extension of your benefits team, guiding benefits decision-makers on choosing the right carrier and plan design, mitigating health insurance costs, staying updated on laws and legislation, and more. The best place to start is assessing what your organization and team need to be successful.Seek Expert AdviceBenefits SpecializationWhen choosing a broker, look for someone who knows your business. Some brokerages specialize in different sized groups or industry segments. Employees' needs for benefits at a manufacturing company are likely different than at a financial services company or non-profit organization.Two ways you can determine whether a broker has relevant experience and is trustworthy are: ask for client examples and referrals. Clients stay with their brokerage firm because of strong teams and resources, so having long-term clients is a good indicator.Ask yourself: Does this brokerage demonstrate knowledge relevant to my industry, size, complexity, and key priorities?Data-Based InsightsData is great. But actionable insights are better. What type of benchmarking do you receive, and how do you measure your plan against others? Does your broker use a benchmarking resource that can be broken down by industry, size, and region? Reputable and expansive data can be sliced so that you can better understand how your plan is aligned from a competitiveness standpoint.A partner who can pull data on your behalf, identify trends, and suggest changes can help you improve your benefits program and control costs. Does your broker offer additional data analytics beyond benchmarking? Data mining is an important element in interpreting the past to predict the future. If you receive detailed claims experience on your plan, this capability can provide clarity on historical claims, identify flagged areas, and ultimately enact change. Using these services could help you identify key cost drivers in claims to develop solutions. It can also help you identify chronic health conditions and any potential gaps in care.Ask yourself: What kind of data analytics does my broker partner provide? Do they provide actionable insights when discussing strategy, or is that on me to figure out?Understand the Team DynamicsServicing Your AccountWhen you're meeting with a potential new broker and developing relationships, are you meeting with the team that will be working with you? When you build a relationship with a salesperson, you don't want to get passed off to a whole new team that doesn't know your business in the same way. If the salesperson remains involved, they can ensure your needs are being met, and the relationships built during the sales process continue to grow. Additionally, having another person who
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